Updated: Jan 7, 2019
The moment we hear the word ‘Blockchain’, the first thing that pops up in our mind is Cryptocurrencies such as Bitcoin. But today, Blockchain is finding far-reaching implementations in a range of sectors, including Supply Chain Management, Government processes, Automation of Regulatory Compliances, Identity Management, Human Resources, Banking, Finance, and more.
And interestingly, the smartphone industry is next in line to experience the revolutionary benefits of this technology.
What is Blockchain Powered OS?
As you might know, Operating Systems such as Windows, Apple Mac, Linux or mobile-based Android, iOS, etc., carry out transactions on user commands in the background where tasks are being executed and transactions are being locally recorded. This means that every data exists on a central location.
A Blockchain Operating System solves this issue by capturing all the transactions from the users but storing the data related to authentication, execution and recording on a cloud-based Blockchain. This would make transactions transparent, and increase the security of the smartphone ecosystem by multiple bounds.
Why Blockchain OS?
All the transactions which a user performs on daily basis via smartphones are being captured by respective apps, ISPs, as well as OS manufacturers. This centralized method of storing makes the data susceptible to theft and exploitation. An immutable Blockchain-powered Operating System will decentralize the storage methodology and extend all the benefits of the Blockchain technology to the users, including security.
Demand for such OS
Gradually, we expect the demand for such an OS to increase as the market becomes more aware of the Blockchain technology and the revolutionary benefits that it offers, especially in the space of database storage management systems. The concept is still evolving and is limited to the real world use. By formalizing and securing digital relationships on the Internet, it is creating a layer or a backbone of the internet for transactions and interactions of value known as the ‘Internet of Value’.
Companies in the Space
A lot of intriguing innovation is being undertaken in this space.
Finney is a smartphone that is utilizing the Blockchain technology at its core to make transactions secure, including the ones involving cryptocurrencies. It was released on November 29, 2018 at its launch event in Barcelona. The phone can sufficiently run Decentralized Applications (Dapps), and securely transact and store cryptocurrencies.
Sirin Labs, the company behind Finney, have also begun the planning of launching the world's first Blockchain-enabled PCs (along with the smartphone) that will allow users to trade digital tokens online and store cryptocurrencies offline. Sirin Labs have also created their very own crypto token called SRN.
Challenge or Acceptance for Government?
It remains to be seen whether governments around the world will allow such a technology to enter the market and reach out to consumers without specifying proper regulations. The majority of the global crypto market remains unregulated today, posing a huge challenge for such Operating Systems to enter the market, even if regulation stands as a branding hurdle.
Although G20 has agreed to regulate the crypto market, the situation is unsure regarding the timeframe that it would take. We are sure that Blockchain is here to stay, but is the world ready to welcome and adopt such a technology? Share your views in the comment section below!